Daily News: September 10, 2012

Intervale Capital Closes Second Fund at $376 Million


Intervale Capital announced the final closing of its second fund with capital commitments of $376 million. Intervale Capital Fund II and affiliates exceeded its target of $325 million and investor demand for the fund exceeded the $350 million cap on limited partner commitments.

Intervale said it raised $281 million for its first fund in 2008 and recently completed its first two exits: Casedhole Solutions was sold to C&J Energy Services in June 2012 for $278 million and Ulterra Drilling Technologies was sold to ESCO Corporation in August 2012 for $325 million.

Fund II will employ the approach developed in Intervale’s first fund of executing privately negotiated, control investments in lower middle-market companies in the oilfield services and equipment industry.

Fund II will target companies located predominantly in North America and Europe. Intervale closed its first investment in Fund II in December 2011 with the purchase of Allied Oil & Gas Services.

Cambridge, MA-based Intervale Capital, with an office in Houston, TX, is an energy-focused private equity firm that invests exclusively in middle-market oilfield services and manufacturing companies and related technologies.